Troubled wireless broadband firm LightSquared, backed largely by money from Harbinger Capital led by Philip Falcone, fired its CEO Sanjiv Ahuja. The company, said, however, that he resigned, and that a search for a new CEO would begin. That is improbable given the deep trouble that LiqhtSquared is in. The FCC essentially block deployment of the companies technology.
“Sanjiv has shown great leadership in bringing the LightSquared vision to this point, including leveraging his experience in the telecom industry to sign dozens of critical partnerships across the country,” said Mr. Falcone. Falcone will join the company’s board, which will go further to making him the de facto leader of the firm
So, if he was doing such a great job, why did he leave?
To give a sense of the start-up costs of LightSquared, the company reports that
The deployment and operation of LightSquared’s network represent more than $14 billion of private investment over the next eight years.
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